There is lots of positives in this announcement. Ore quality and recovery rates are better than previously reported; they're still progressing to get mining underway; not affected by royalties increase; and they re-affirm not to accept the WNI offer.
The additional 1.5 million tonnes per annum recovery is a big bonus - say an extra $100 million profit annually.
Moz, I don't mind if Wah Nam remain as major shareholder who is able to arrange a cheaply funded railway line. They benefit and we benefit, so hopefully they'll realise this and give up on their total takeover ambition, given the takeup rate from Australian shareholders is virtually non-existent.
Today the SP may get smashed given the overseas turbulence. WNI's associates could really pick up a few cheaply - this news is likely to encourage them to try it.
BRM Price at posting:
$4.10 Sentiment: None Disclosure: Held
